The crisis has halted most traffic through the strait, through which a fifth of global oil and LNG usually passes. The conflict has taken a heavy human and economic toll. According to major media reports, at least 3,000 people have been killed in Iran, nearly 2,300 in Lebanon, 23 in Israel, more than a dozen in Gulf Arab states, and 13 US service members.
The US blockade has cost Iran nearly 50 billion kroner in lost oil revenues, according to Pentagon estimates cited by Axios. Miad Maleki, a senior fellow at the Foundation for Defense of Democracies, told The Independent that Iran's closure of the strait costs Tehran as much as $435m per day. Donald Trump claimed Iran is losing $500 million a day from the blockade.
At least 18 ships have been hit and at least 7 crew members killed in the strait, according to the UN International Maritime Organization. A bomb-carrying drone boat struck a Marshall Islands-flagged oil tanker in the Gulf of Oman, killing one mariner, according to Oman. Saudi Arabia intercepted Iranian drones that attacked the Ras Tanura oil refinery, which was shut down as a precaution, Saudi state television reported.
Iran has shown defiance and sought to bypass the blockade. According to Andreas Krieg, a senior lecturer at King's College London, Iran has shown more tolerance to pressure than outsiders would like to admit. Iran said it was reimposing restrictions on the strait in response to a US blockade.
Iranian Deputy Foreign Minister Saeed Khatibzadeh said Iran won't hand over enriched uranium to the US and is not ready for new face-to-face talks. Iranian officials, including Mohsen Rezaei and Mohammad Bagher Qalibaf, threatened retaliation against the blockade. " Iran's new supreme leader Mojtaba Khamenei called for using the lever of blocking the Strait of Hormuz.
Despite the blockade, the Financial Times reported that Iran has smuggled nearly $1bn worth of oil out of the strait, with around 34 Iranian oil tankers bypassing the blockade. Iran's IRGC says it has seized two ships in the strait and moved them into Iranian waters. Bloomberg reported that Iran is imposing tolls in the strait and banning US and Israeli vessels from passing.
Lloyd's List Intelligence reported that Iran appears to be implementing a toll booth system, with vessels obliged to enter Iranian waters and undergo inspection. Military actions and security incidents have escalated. The UK Maritime Trade Operations Centre reported that Iranian gunboats from the Revolutionary Guard opened fire on a tanker in the strait.
The US military sank six Iranian small boats targeting civilian ships. US Central Command attacked 16 Iranian mine-laying vessels near the strait, according to research. Two US-flagged ships successfully passed through the strait, major media reported.
The Pentagon anticipates it will likely take six months to clear mines from the strait. Traffic through the strait has plummeted by 90% since the conflict began, according to major media. Lloyd's List Intelligence reported that only around 150 vessels have transited the strait since March 1, compared to pre-war daily traffic of about 100-135.
6 million barrels in March, in line with pre-war volumes, according to Kpler. The global economic impact and energy prices have been severe. 29, according to major media.
59 per barrel on Thursday, according to research. 86 and WTI at $104, major media reported. The International Energy Agency said the war is creating the largest supply disruption in the history of the global oil market, according to research.
They've been under sanctions, they've been isolated for 47 years now. Those oil wells are not maintained well. Their machinery is not maintained well. Once shut off, the wells won't easily snap back after a few months.
IEA member countries agreed to unlock 400 million barrels of oil from reserves. Oil price shocks are spreading as the last tankers that left the strait before the war reach their destinations, according to Dagens industri. Diesel prices in the UK reached their most expensive level since December 2022, according to the RAC.
Egypt has imposed restrictions including closing restaurants by 9pm and dimming street lights to save energy, major media reported. Myanmar has brought in fuel rationing and driving restrictions, and Pakistan has brought in sweeping emergency austerity and fuel conservation measures, according to major media. Qatar supplies a third of the world's helium, which passes through the strait, and has halted production due to war, according to major media.
Airlines have been warned that long-haul Easter holiday flights are at risk of disruption within weeks due to jet fuel shortages, oil traders told major media. Vietnam has warned of possible flight cancellations from April, according to major media. The UK can only meet around a third of its jet fuel demand through domestic refining, according to a UK government supply report.
Jet fuel prices in Europe have surged to record highs, nearly double pre-conflict levels, according to major media. Natural gas prices rose more than 40% in Europe after QatarEnergy halted LNG production due to attacks, according to research. com, Kevin Book described infrastructure risks from deliberate and inadvertent attacks.
International responses and diplomatic efforts have been varied. The Strait of Hormuz is open for all commercial shipping as long as the ceasefire in Lebanon holds, according to Iran's foreign minister Seyed Abbas Araghchi, as reported by major media. Israel and Lebanon entered a 10-day ceasefire on Thursday, according to major media.
Trump said the US blockade will continue until a final agreement is reached. Norway is ready to support free passage at sea and is exploring a possible contribution to a maritime operation, according to Jonas Gahr Støre. France's President Macron said an independent operation will be tasked with keeping the strait open, according to major media.
UK Prime Minister Keir Starmer said a dozen countries are willing to contribute, according to Reuters. Trump claimed he received a phone call from NATO asking if the US needed help, and he told them to stay away unless they want to fill their ships with oil, according to major media. China urged Iran to ensure safe passage of vessels through the strait for the first time, according to the Chinese foreign ministry.
China's economy expanded 5% in the first quarter of 2026, better than expected, according to Chinese government data. The US economy grew at a 2% pace in the first quarter of 2026, according to the Commerce Department. The Federal Reserve kept its benchmark interest rate unchanged, citing high uncertainty from the conflict.
A ceasefire and future uncertainties remain. Trump announced the US would hold its attack on Iran until a deal is made, and said the US will go into Iran and get all the nuclear dust, referring to 970 pounds of enriched uranium. Trump's 'Project Freedom' plan to guide stranded ships through the strait began on Monday, according to major media.
com AIS data. The US Navy blockade has been fully implemented, halting economic trade going in and out of Iran by sea, according to Adm. Brad Cooper.
Nine vessels have complied with US directions to turn around during the first 48 hours of the blockade, according to US Central Command. m. EDT, according to US Central Command.
Iran may be forced to reduce or cease oil production within two weeks due to storage constraints, according to experts. Iran's Supreme Leader Ayatollah Ali Khamenei was killed in a joint US-Israeli strike four weeks ago, according to major media.